This must have been a really small theater, or torn down very early on, and replaced wwith what is there now.
Anyway, I drove by the Pictureland site yesterday, and took a photo of the site. It could be the same building with a refaced front, as the bricks on 468 Bway are “newer” bricks than the other buildings on the block. Anyway, the Pictureland building is the building with the blue awning in the photo. I would assume since it was a theater, it had a “theater” front, and at some point it was converted to store and apartments, and the fasade was altered with the “newer” bricks.
It’s between Madison and Putnam. In the 80’s many of these buildings on the Putnam to Madison block were abandoned (although not burnt), especially towards the corner, and just around Putnam. They are all occupied now again except for the one right nect to the Pictureland building.

I would think, nickelodeon, because of the small size. Yet, Thalia Soho, 15 Vandam St., off Avenue Of The Americas in lower Manhattan, was a small cinema in what looked like a former private house, complete with front stoop.

I wonder if this was always just a “storefront” theater, or if it was a theater that was torn down for the current building. I can’t figure out if the current building is the theater, or a replacement after the theater was torn down, at a very early date.